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Federal Reserve Chairman Jerome Powell. Photo: Alex Wong/Getty Images

The main takeaways from Federal Reserve Chairman Jerome Powell's closely watched speech today in Jackson Hole, Wyoming were pretty much what Powell has indicated before: the economy is good, and interest rates are going to go up.

Why it matters: Investors were watching because they're looking for hints about how the Fed is considering the possibility of an "overheating" economy, the trade war or recent emerging market turmoil and what it means for the central bank's rate hike framework. But for this speech to a summit of central bank officials, Sarah House, a senior economist at Wells Fargo, tells Axios: "[Powell] is trying not to make waves."

What Powell said:

On rate hikes: "If the strong growth in income and jobs continues, further gradual increases in the target range for the federal funds rate will likely be appropriate."

On the strength of the economy: "With solid household and business confidence, healthy levels of job creation, rising incomes, and fiscal stimulus arriving, there is good reason to expect that this strong performance will continue."

Between the lines: There was no mention of trade or tariffs in the speech. Why? House tells Axios:

The heightened focus on this speech means that a mention of trade policy could be viewed as too much of a foray into the President’s policy realm. Given that Fed independence is under more pressure than at any time in the past four decades, I think he’s trying to lead by example and stick to his lane.

The backstory: It's Powell's Fed chair debut at the annual gathering, and the speech comes days after President Trump's most recent criticism of the Fed's raising of rates. Powell's comments are consistent with the minutes from the Fed's most recent meeting showed officials are ready to hike rates at least once more this year.

Go deeper:

Fed minutes show support for rate hike and concern about trade

Trump hits Fed Chair Jerome Powell for rate hikes, again

Go deeper

Neera Tanden withdraws nomination for Office of Management and Budget director

Neera Tanden testifying before the Senate Budget Committee in Washington, D.C., in February 2021. Photo: Anna Moneymaker/The New York Times/Bloomberg via Getty Images

Neera Tanden withdrew her name from nomination to lead the Office of Management and Budget after several senators voiced opposition and concern about her qualifications and past combative tweets, President Biden announced Tuesday.

Why it matters: Tanden’s decision to pull her nomination marks Biden's first setback in filling out his Cabinet with a thin Democratic majority in the Senate.

What's ahead for the newest female CEOs

Jane Fraser (L) and Rosalind Brewer. Photos: Jason Redmond/AFP via Getty Images; Rodrigo Capote/Bloomberg via Getty Images.

The number of women at the helm of America’s biggest companies pales in comparison to men, but is newly growing — and their tasks are huge.

What's going on: Jane Fraser took over at Citigroup this week, the first woman to ever lead a major U.S. bank. Rosalind Brewer will take the reins at Walgreens in the coming weeks (March 15) — a company that's been run by white men for more than a century.

2 hours ago - Health

Biden says U.S. will have enough vaccines for 300 million adults by end of May

President Biden. Photo: Anna Moneymaker-Pool/Getty Images

President Biden on Tuesday said that ramped-up coronavirus vaccine production will provide enough doses for 300 million Americans by the end May.

Why it matters: That's two months sooner than Biden's previous promise of enough vaccines for all American adults by the end of July.